Reply to Securities Commission’s explanation published in Utusan Online today

The Securites Commission (SC) is playing hide and seek and skirting many of the issues I have raised in parliament recently. Instead of coming clean, the SC has resorted to using a mouthpiece to just blab only on the Parkway Holdings Berhad issue. This is most irresponsible of SC and the Chairman YgBhg Tan Sri Zarinah Anwar herself. The SC has a job to do and must take the responsibility seriously.

The SC, first and foremost, must protect the interest of the investing public in the capital market. This will instill confidence in foreign investors which will in turn help our economy to grow by investing in our stock market. Otherwise the country’s economy will suffer and the rakyat will be badly affected.

The reason for these issues to keep surfacing is because Zarinah Anwar as Chairman of SC is maintaining a deafening elegant silence. She probably thinks the issues will go away and the rakyat will forget in time.

Up till now it’s very mischievous of Zarinah Anwar to have a person like the SC’s Ketua Jabatan Hal Ehwal Korporat, Encik Abdul Jalil Hamid, to answer questions about corporate dealings that mostly concern her as Chairman of SC personally and her husband, Dato Azizan Abdul Rahman.

Abdul Jalil so far only offers a weak explanation on the Parkway affair out of the 40 over issues that I have raised in Parliament. Moreover, the explanation offered of the investigation by terror of the four journalists is a canned public relations statement that one usually finds in a textbook. The many issues that I have raised have reached far and wide and the public is not going to rest until there’s full disclosure.

The ECM Libra reverse takeover of Avenue Capital is a classic case in point. It’s like an ikan bilis swallowing a whale! At the time there were no query and general offer. And when the PAC questioned this irregularity in parliament, the Minister of Finance II then, Tan Sri Nor Mohamed Yakcop, only offered this equivalent: “SC okayed it and therefore all is well and above board.” At the time we must remember that Zarinah Anwar was newly appointed as the Chairman of the Securities Commission, and, ECM Libra together with its main personalities are closely connected with the power-that-be then and now.

Is Zarinah Anwar trying to tell us that all is well? She has to personally answer for the ECM Libra transaction, MyEG Services Berhad, Isyoda Berhad, Lityan Berhad, Ekowood Berhad and Tenco Berhad, among others.

If Zarinah Anwar does not personally come clean on these matters she can be assured more questions will be raised in parliamnet in October. Questions that have been directed at her personally and her connection with her husband, Azizan Abdul Rahman, over many of the corporate deals, Zarinah Anwar must take the onus to speak for herself.

I still stand by my statement that unless Zarinah Anwar gives satisfactory answers to the issues including the ECM Libra takeover of Avenue Capital I have raised, she is then deemed unfit to hold the post as Chairman of Securities Commission.

For the issues that I have raised on the above one can go here, here and here for details.

Below is the reproduction of the full report in Utusan Online today.


SC nafi tuduhan Choo Keong

KUALA LUMPUR 16 Julai – Suruhanjaya Sekuriti (SC) menafikan sekeras-kerasnya semua tuduhan palsu yang berunsur fitnah serta berniat jahat yang dibuat oleh Ahli Parlimen Wangsa Maju, Wee Choo Keong di Dewan Rakyat, semalam.

Pada masa yang sama SC turut kesal dengan tindakan akhbar Utusan Malaysia menyiarkan tuduhan-tuduhan itu tanpa mengesahkan terlebih dahulu kebenarannya.

Pada sidang tersebut, Choo Keong mendakwa SC gagal menghalang proses pembelian saham Pantai Holdings Berhad (Pantai) oleh syarikat Parkway Holdings Ltd (Parkway) pada tahun 2005 melalui pembelian saham bernilai RM312 juta bagi membolehkan pengambilalihan Hospital Pantai dibuat.

Ketua Jabatan Hal Ehwal Korporat SC, Abdul Hamid berkata, syarikat Pantai adalah sebuah syarikat awam tersenarai yang tidak dikenakan sekatan dari segi penyertaan ekuiti asing dan sahamnya boleh diniagakan secara bebas di pasaran saham.

”Melainkan jika terdapat perlanggaran dan undang-undang atau peraturan, SC tidak boleh campur tangan di dalam transaksi saham antara seseorang penjual dan pembeli,” katanya dalam satu kenyataan di sini , hari ini.

Menurut Abdul Jalil, dalam melaksanakan tanggungjawab, semua kakitangan SC termasuk Pengerusinya adalah tertakluk kepada kod etika dan tahap urus tadbir yang tinggi.

Katanya, SC mengamalkan proses dan prosedur yang telus dalam menjalankan tugas dan tertakluk kepada audit dan pengawasan bebas.

”Kami sentiasa mengamalkan tahap profesionalisme dan prinsip-prinsip tadbir urus yang tinggi dan kami penuh yakin bahawa kami telah mendukung prinsip-prinsip ini dengan sepenuhnya pada setiap masa,” tegas beliau.

Abdul Jalil turut membuat penjelasan mengenai peranan dan kuasanya di bawah undang-undang iaitu melindungi para pelabur dan menjalankan penguatkuasaan jika berlaku perlanggaran undang-undang sekuriti.

Beliau juga menyentuh kebergantungan badan pengawal selia itu kepada kenyataan dan keterangan daripada pelbagai lapisan masyarakat termasuk wartawan ketika proses siasatan dibuat.

Menurut beliau, sebagaimana pengambilan kenyataan daripada beberapa wartawan baru-baru ini dalam kes Kenmark ia bukanlah satu perkara luar biasa.

”Pihak kami sebelum ini telah mendapat kerjasama yang baik daripada wartawan termasuk mereka yang menjadi saksi pendakwa di mahkamah.

”Kesemua saksi tanpa mengira siapa mereka tertakluk kepada prosedur dan proses sama di bawah undang-undang. Dakwaan bahawa saksi-saksi diugut dan diganggu adalah tidak benar sama sekali,” katanya.

Justeru, kata beliau, pelbagai tuduhan lain yang telah dibuat berkaitan dengan perkara tersebut adalah perbuatan yang tidak bertanggungjawab dan amat melampau.

”Kami berharap Utusan Malaysia tidak akan menyiarkan lagi berita yang merupakan satu penganiayaan seperti ini,” katanya.

I reproduce here the link to the above report published in Utusan Online on 17 July 2010:

13 thoughts on “Reply to Securities Commission’s explanation published in Utusan Online today

  1. rockybru

    Yang BerWeebawa,

    Just to record my appreciation for bringing up these issues in Parliament. It takes a lot of guts to do so. You are confronting very powerful people, regulators and those they are supposed to regulate. God Bless.

    On my part, and the part of bloggers who have been asking the SC and other authorities to look into some of these discrepenacies, we will continue to give you our support.

    Thank you.

  2. Little bird

    Bro. Wee, well done again.

    Do not forget that SC also has a hand in approving Air Asia IPO despite of AA obscure performance and track records.

    Gentleman, we are about to uncover the biggest scandal of money laundering syndicate in the world.

    AirAsia IPO share price falls 17% short.
    Publication: Airline Industry Information
    Date: Friday, October 29 2004

    “AirAsia’s initial public offering (IPO) will reportedly raise less than expected due to the lack of interest in the high price set by the company for its shares.

    Malaysia’s leading low-cost airline set a price of MYR1.51 for institutional investors and MYR1.40 for retail investors but sources close to the deal were quoted as saying on Friday (29 October) that institutional investors will only pay MYR1.25 per share, a drop of 17%, and retail investors will pay MYR1.16 per share. The IPO is now expected to raise USD226m. “

  3. Pingback: Wee vs SC « The “thirteen million plus Ringgit” guy rambles….

  4. terasarindu

    I strongly support efforts to bring to public’s knowledge of any wrongdoing of any appointed nominee of politicians in this country. As a politician, representing groups of people of Malaysia, he or she should safeguard the interest of the public first, and not his own interest at the public’s expense.

    Bravo, keep it up. I support your gut and will power.

  5. Hijaz

    Mr Wee,

    I support your effort to bring down the Super Dictator of SC.

    As a resident of Wangsa Maju I am proud that you are leading the charge againts this corrupt element within a renowned government institution.

    I have been following tgis matter with interest through various UMNO bloggers who are also waging a war against corrupt elements within UMNO and the government.

    Please do not stop at Zarinah Alone. Track down her paymasters!!And I am sure most of us know who they are.

  6. Xe Xe Her

    Zarina is Nor Mohd Yakob appointee. I donno how long it will take all u [expletive deleted] to see this as clear as daylight. Over the past six years Nor Mohd Yakop has appointed his cronies all over the place. The only place he could not penetrate is Bank Negara Malaysia where Zeti hates his guts (because she knows the type of crook that Nor Mohd is). Tapi the rest of the [expletive deleted] in the country tak faham. They think this fellow is some supersmart guy. He lost RM35 billion in Bank Negara. He also made money selling forex using inside information. He was an Anwar crony. When he ran Anwar’s Abrar, Abrar went bankrupt. He was involved inj CBT with Abrar Asset Mgmnt. He cheated public of their money. Then Mun Loong went bankrupt when Nor Mohd was the Chairman. Then his biggest lucky break came, he worked for Dr M during the Asian Financial crisis. Badawi made him Minister and put him in charge of GLCs. Nor Yakob and his cronies have been stealing money again. His family company Kanari (name after his family) made money. In Penang his crony company Kemuncak Facilities Mgmt now has swept clean all the Government cleaning contracts (universities, prison, jail and PM Dept). In GLC he has appointed all his crony in Khazanah, Zarinah in SC and elsewhere. The info is Nor Mohd is now the bagman for Rosmah and Najib. So this means he will be untouchable. During Bdawi he was bagman for Khairy, Kalimullah and Kamaludin Abdullah. That is how he survive very long time. [expletive deleted].

  7. ting tong guy

    Dear YB Wee,

    I am fully 100% with you on this issue! As a civil society ( or moving towards becoming one) I’m urging all of us to put aside any differences in our opinions, political favours and so on.

    We just have to nail this one down once and for good.

  8. The Lordship

    YB Wee,

    Ayat-ayat si Zarinah tentang governance, tranparency etc memang hebat. Ada class!

    Lagi classy kalau dia sendiri percaya apa yang dia cakap.

    The rest of your fellow MPs may not be able to raise their voice or they don’t understand the issues or simply they don’t have balls as big as yours.

    YB, other bloggers do not have voice in the Parliament but you do. This is your fight for the people. I wish you are aware of how many are cheering for you!

  9. ting tong guy

    Dear YB,

    In the next sitting, pls also raise the question to Finance Minister II(FMII), if the government has a surplus of RM10 billion pre-subsidies rationalisation, what in the hell the government is doing to save RM750 million post-subsidies rationaliszation?

    What are they gonna do with the total money of RM10.75 billion being ? Does the FMII understood the economic term of government balanced budget? Aren’t they supposed not to make profit?

    Is the current government is being run like a profit based organization? If they are making a surplus money, are they paying the dividends to the stakeholders? Who are the stakeholders to the RM10.75 billion? Aren’t we supposed to be the stakeholders earning dividends thru subsidies from surplus made?

  10. kenneth

    Dear Mr Wee ,

    SC is too powerful….even they have reach to a stage wanted to combine both SSM and SC the prosecution department …for their own agenda.

    Do study the previous case about ACA probe on SC corruption in year 2006 to 2008.

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